You duplicated your items from PC to Console with your migration back in the day. merging now, would effectively combine all of these items into a single account... meaning you would "cheat" the system technically and get 2 of all the items you have.
Example: say you had 1000 polymer bundles on PC when you sent it to PS. now you have 1000 on PC and PS, if you combine these accounts, you now have 2000 on a single account. 2000, that you never grinded for. as you only ever grinded for 1000.
Now apply this to frames, weapons, companions, frame slots, weapon slots, companion slots, mods, rivens,....